U.S. Loan, Lease & Floorplan Securitization Platforms · market share due to competition in the...

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U.S. Loan, Lease & Floorplan Securitization PlatformsDecember 2019

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Safe Harbor Statement

This presentation contains several “forward-looking statements.” Forward-looking statements are those that use words such as “believe,” “expect,” “intend,”“plan,” “may,” “likely,” “should,” “estimate,” “continue,” “future” or “anticipate” and other comparable expressions. These words indicate future events andtrends. Forward-looking statements are our current views with respect to future events and financial performance. These forward-looking statements aresubject to many assumptions, risks and uncertainties that could cause actual results to differ significantly from historical results or from those anticipated byus. The most significant risks are detailed from time to time in our filings and reports with the Securities and Exchange Commission, including our annualreport on Form 10-K for the year ended December 31, 2018. Such risks include - but are not limited to - GM’s ability to sell new vehicles that we finance in themarkets we serve; the viability of GM-franchised dealers that are commercial loan customers; changes in the automotive industry that result in a change indemand for vehicles and related vehicle financing; the sufficiency, availability and cost of sources of financing, including credit facilities, securitization programsand secured and unsecured debt issuances; our joint ventures in China, which we cannot operate solely for our benefit and over which we have limited control;the adequacy of our underwriting criteria for loans and leases and the level of net charge-offs, delinquencies and prepayments on the loans and leases wepurchase or originate; the adequacy of our allowance for loan losses on our finance receivables; the effect, interpretation or application of new or existing laws,regulations, court decisions and accounting pronouncements; adverse determinations with respect to the application of existing laws, or the results of anyaudits from tax authorities, as well as changes in tax laws and regulations, supervision, enforcement and licensing across various jurisdictions; the prices atwhich used vehicles are sold in the wholesale auction markets; vehicle return rates, our ability to estimate residual value at the inception of a lease and theresidual value performance on vehicles we lease; interest rate fluctuations and certain related derivatives exposure; foreign currency exchange ratefluctuations and other risks applicable to our operations outside of the U.S.; changes to the LIBOR calculation process and potential phasing out of LIBOR; ourability to effectively manage capital or liquidity consistent with evolving business or operational needs, risk management standards, and regulatory orsupervisory requirements; changes in local, regional, national or international economic, social or political conditions; our ability to maintain and expand ourmarket share due to competition in the automotive finance industry from a large number of banks, credit unions, independent finance companies and othercaptive automotive finance subsidiaries; our ability to secure private customer and employee data or our proprietary information, manage risks related tosecurity breaches and other disruptions to our networks and systems and comply with enterprise data regulations in all key market regions; and changes inbusiness strategy, including expansion of product lines and credit risk appetite, acquisitions and divestitures. If one or more of these risks or uncertaintiesmaterialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected. It is advisable notto place undue reliance on any forward-looking statements. We undertake no obligation to, and do not, publicly update or revise any forward-lookingstatements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

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U.S. ABS Platforms

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Securitization Platforms

U.S. Sub-prime Loan

AmeriCredit Automobile Receivables Trust

Ticker: AMCAR

U.S. Lease

GM Financial Automobile Leasing Trust

Ticker: GMALT

U.S. Floorplan

GM Financial Floorplan Owner Revolving Trust

Ticker: GFORT

U.S. Prime Loan

GM Financial Consumer Automobile Receivables Trust

Ticker: GMCAR

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Loan & Lease Underwriting and

Servicing

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Retail Loan Portfolio Overview• GM Financial is originator and servicer of automobile loans

- Originate loans under two brands• GM Financial – full spectrum credit offering for new and used

vehicles and the exclusive provider of subvented loans to GM dealers in the U.S.

• AmeriCredit – over 20 years of lending experience to below prime consumers focused on predominately franchised dealers for mostly used vehicle financing

- Terms up to 84 months- Fixed rate, simple interest and fully amortizing- LTV at origination may be above 100% of wholesale vehicle value

• September 2019 quarter-end borrower and loan characteristics at origination are trending to higher credit quality with prime loan expansion

- Average 17 years of history in the credit bureau- Average annual household income of ~$106,000- Average time with current employer ~9 years- Average amount financed $30,000 and monthly payment of $525- Average down payment of 22%- Weighted average FICO score of 702

CAR25%

TRUCK32%

CUV27%

SUV16%

Portfolio Mix by Segmentas of 9/30/19

Model Make DollarPercentage

SILVERADO CHEVROLET 20%

SIERRA GMC 7%

EQUINOX CHEVROLET 6%

TAHOE CHEVROLET 5%

CRUZE CHEVROLET 4%

MALIBU CHEVROLET 4%

SUBURBAN CHEVROLET 3%

TRAX CHEVROLET 3%

ESCALADE CADILLAC 2%

YUKON GMC 2%

OTHER ALL 44%

Portfolio Distribution by Top Modelsas of 9/30/19

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Retail Lease Portfolio Overview• GM Financial originates and services new lease

originations- GM Financial is the exclusive subvented lease provider for

GM vehicles in North America- Lease terms of 24-48 months

• Majority of leases are 36 and 39 month terms- Predominately prime credit quality

• Weighted average FICO score ~760- Diverse model concentration

• 42 models with the top 5 models <50% of the portfolio

• Lease residuals and residual setting- Base residual values set based on Automotive Lease Guide

(ALG) levels- GM may enhance contract residuals above ALG

• Any residual enhancement is supported by GM through subvention payments

• GM pays GM Financial for gap between contract and ALG residual value at time of lease origination

Model Make DollarPercentage

EQUINOX CHEVROLET 16%

SILVERADO CHEVROLET 12%

XT5 CADILLAC 7%

TRAVERSE CHEVROLET 7%

TERRAIN GMC 6%

ACADIA GMC 5%

SIERRA GMC 4%

ESCALADE CADILLAC 4%

ENCORE BUICK 4%

TRAX CHEVROLET 3%

OTHER ALL 32%

Portfolio Distribution by Top Modelsas of 9/30/19

11%

20%

58%

11%

Portfolio Mix by Segmentas of 9/30/19

CARTRUCKCUVSUV

8%

43%41%

8%

Portfolio Mix by Termas of 9/30/19

24/27 mo36 mo39 mo42/48 mo

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Loan & Lease Underwriting Overview• Underwriting and funding

- 16 regional credit centers and two centralized funding centers in the U.S.

• Detroit regional center opened in Q4 2017

- Underwriting teams split between GM Financial and AmeriCredit

• Custom scorecards are utilized to underwrite and analyze loan and lease originations across the credit spectrum

- Credit risk appetite and credit mix adjusted through credit policies and program parameters

- Loan and lease scorecards leverage long history of retail credit experience

- Scorecard characteristics are monitored monthly for statistical consistency

• Funding and verifications- Verification process driven by credit tier and conducted prior to purchasing the loan or lease from the dealer

- Confirm receipt of all contractual documents and confirmation of regulatory compliance

- Applications for credit tiers below prime require proof of income and verification of employment

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Loan & Lease Servicing Overview• Highly tenured servicing team with experience across economic cycles

• Servicing centers strategically located to balance loan portfolio geographically- San Antonio, TX; Chandler, AZ; Charlotte, NC; Peterborough, Ontario (Canada and Northeast U.S.)

• Lease servicing handled by dedicated groups in Texas (Arlington and San Antonio)

• Collections split between 5-45 days past due and 46+ days past due- 5-45 group utilizes dialer campaigns

- 46+ group allocates individual accounts to a designated team within each servicing center to work with individual accounts through resolution

- Repossession review begins at approximately 70-75 days past due; write-off occurs at 120 days past due

• Dedicated Customer Service team to handle inbound inquiries and some very early stage delinquencies

• Specialty areas dedicated to deficiency balance collections, bankruptcy management process and loss mitigation

• Staffing models utilized to ensure appropriate staffing levels based on origination volume, credit mix and forecasted credit performance

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U.S. Remarketing Solutions• Established and well-respected remarketing team centralized in Arlington, TX

- GM Remarketing auction operations were transitioned to GM Financial Remarketing effective July 1, 2015

• The alignment provides a consolidated strategy for offering off-lease, repossessed, rentals and company cars

- Service provider for GM dealers for wholesale selling operations

• Nationwide auction presence- Physical auctions – 50 locations (Manheim, ADESA and independent)

- GM Financial on-site representative participates in each auction

• Review inventory and establish floor levels

• Real-time decisions to accept/decline bid

- Both open and closed auction sales

• Open includes all dealers (GM and Non-GM)

• Closed includes GM dealers only

- Auctions simulcast nationwide to all dealers

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Lease End-of-Term• Private-label online wholesale marketplace and

inventory management system –GMFDealerSource.com

- Lease maturity manager, payoff quote information, vehicle grounding functionality and grounding dealer vehicle purchase capabilities

- Facilitates streamlined “grounding” process to terminate leases at GM dealerships

- Provides single-source online access to purchase a wide range of pre-owned GM vehicles, including off-lease, rental vehicles and GM company cars

• Program designed to support GM dealer base while maximizing resale values

- First few online selling iterations exclusive to GM dealers

- Vehicles are listed on GMFDealerSource and Adesa.com until arrival at a physical auction

- Leveraging extensive nationwide network of physical auctions

- Targeted marketing efforts for both online and physical auctions

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AMCAR Platform Highlights

U.S. Sub-prime Retail Loan

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U.S. Sub-prime Retail LoanAMCAR Securitization Platform

TrackRecord

Consistent Platform

Efficient Structures

• ABS platform dating back to 1994 with over 100 securitizations

• Originator, servicer and residual holder

• Timely payment of all interest and principal to noteholders

• Regular issuer

• Credit enhancement and capital structure relatively consistent

• Rotation across rating agencies

• Subordinate bonds structured for sale

• Ability to offer floating rate notes

• Structures de-lever quickly / sub bonds historically upgraded

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Collateral Overview & Structure Summary AMCAR Transaction Summary

1) For comparison purposes, the segment categories have been reorganized to reflect the late 2017 categorization and therefore may not mirror the segment categories reflected in their respective offering documents2) Percentages may not sum to 100.00% due to rounding3) Target O/C includes the Reserve Account balance

2019- 3 2019- 2 2019-1 2018-3 2018-2 2018-1 2017-4 2017-3Pricing Date 9/10/19 6/4/19 3/5/19 11/15/18 8/8/18 5/15/18 11/8/17 8/8/17Offered Notes $800,060,000 $800,030,000 $1,190,360,000 $1,000,790,000 $1,250,260,000 $1,100,030,000 $1,300,060,000 $1,200,060,000Pool Balance $870,598,400 $870,551,703 $1,295,278,089 $1,088,999,608 $1,360,460,743 $1,196,987,846 $1,414,645,756 $1,305,771,424Avg. Principal Balance $19,992 $20,606 $20,621 $22,553 $22,088 $21,438 $20,401 $20,616Weighted Avg. APR 12.90% 12.99% 13.20% 13.09% 12.54% 13.11% 12.98% 12.65%WA Remaining Term 67 months 68 months 67 months 70 months 69 months 67 months 67 months 67 monthsWA Original Term 71 months 71 months 71 months 71 months 71 months 71 months 71 months 71 monthsNew 51.54% 53.69% 56.86% 56.01% 54.16% 51.83% 56.87% 60.65%Used 48.46% 46.32% 43.14% 43.99% 45.84% 48.17% 44.13% 39.35%WA Custom Score 248 246 247 248 249 250 247 245WA FICO 581 577 580 582 582 581 579 577WA LTV 109% 108% 107% 107% 106% 107% 107% 106%Approximate Called/ SeasonedCollateral 5% 5% 5% 0% 0% 0% <5% <5%

Dollar Percentage by Segment(1,2)

Car 36.76% 39.82% 41.36% 42.18% 40.17% 44.46% 47.87% 51.67%CUV 32.13% 33.16% 30.45% 31.35% 34.38% 29.48% 26.27% 23.91%SUV 7.47% 7.08% 7.25% 6.60% 6.76% 7.05% 6.97% 7.00%Truck 23.63% 19.91% 20.93% 19.85% 18.54% 18.99% 18.89% 17.42%

Initial Hard Enhancement

Class A Notes 35.20% 35.20% 35.20% 35.20% 35.20% 35.20% 35.20% 35.20%Class B Notes 27.95% 27.95% 27.95% 27.95% 27.95% 27.95% 27.95% 27.95%Class C Notes 18.95% 18.95% 18.95% 18.95% 18.95% 18.95% 18.95% 18.95%Class D Notes 10.10% 10.10% 10.10% 10.10% 10.10% 10.10% 10.10% 10.10%Class E Notes 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75%

Overcollateralization & Reserve AccountInitial OC 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75%Target OC (3) 14.75% 14.75% 14.75% 14.75% 14.75% 14.75% 14.75% 14.75%OC Floor 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%Reserve Account (non-declining) 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

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As of November 30, 2019AMCAR Cumulative Net Loss Performance

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55

2013 Transactions

2013-1 2013-22013-3 2013-42013-5

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53

2014 Transactions

2014-1 2014-22014-3 2014-4

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53

2015 Transactions

2015-1 2015-22015-3 2015-4

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53

2016 Transactions

2016-1 2016-22016-3 2016-4

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As of November 30, 2019AMCAR Cumulative Net Loss Performance

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55

2017 Transactions

2017-1 2017-22017-3 2017-4 0.00%

1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55

2018 Transactions

2018-1 2018-2 2018-3

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55

2019 Transactions

2019-1 2019-2 2019-3

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GMALT Platform Highlights

U.S. Lease

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U.S. LeaseGMALT Securitization Platform

TrackRecord

Consistent Platform


• ABS platform established in 2014 and SEC registered in 2015


• Timely payment of all interest and principal to noteholders

• Regular issuer in the market beginning in 2015

• Credit enhancement and capital structure relatively consistent

• Rotate among rating agencies



• Structures de-lever quickly due to non-declining enhancement

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Collateral Overview & Structure SummaryGMALT Transaction Summary

1) Percentages may not sum to 100.00% due to rounding2) The overcollateralization target decreases to 10.35% when class A-2-A and A-2-B have paid in full3) The overcollateralization target decreases to 10.00% when class A-2-A and A-2-B have paid in full

2019-3 2019-2 2019-1 2018-3Securitization Value $1,093,238,376.61 $1,366,625,321.93 $1,332,675,533.72 $1,362,465,324.48 Average Securitization Value $24,145.56 $24,105.29 $24,212.85 $24,048.46Aggregate Base Residual Value $810,791,749.92 $1,009,711,894.89 $989,423,235.70 $1,026,114,411.74Aggregate MSRP $1,774,459,916.62 $2,222,194,656.92 $2,177,315,753 $2,230,245,711Disc. Base Residual Value (as a % of Sec. Value) 64.83% 64.62% 64.96% 66.11%Disc. Base Residual Value (as a % of MSRP) 39.94% 39.74% 39.76% 40.39%Weighted Average Original Term (months) 37 37 37 37Range of Original Term (months) 24 – 48 months 24 – 48 months 24 – 48 months 24 – 48 monthsWeighted Average Remaining Term (months) 24 24 24 23Range of Remaining Term (months) 3 – 45 months 3 – 44 months 3 – 45 months 8 – 44 monthsWeighted Average FICO Score 774 763 775 772Percentage of New Vehicles 100.00% 100.00% 100.00% 100.00%Dollar Percentage by Segment(1)

Car 10.67% 12.28% 13.69% 15.59%CUV 58.14% 53.56% 52.55% 51.79%SUV 11.43% 12.73% 12.71% 12.31%Truck 19.76% 21.42% 21.05% 20.31%

Top 5 Vehicle Models 19.01% (Equinox) 17.22% (Equinox) 15.15% (Equinox) 12.90% (Equinox)11.41% (Silverado) 12.38% (Silverado) 13.01% (Silverado) 12.69% (Silverado)

8.10% (Traverse) 7.67% (Traverse) 7.31% (Traverse) 7.64% (Traverse)6.65% (XT5) 6.63% (Terrain) 7.08% (XT5) 7.16% (XT5)

6.64% (Terrain) 5.98% (XT5) 6.22% (Terrain) 6.19% (Acadia)

Initial Hard EnhancementClass A Notes 19.90% 19.90% 19.90% 19.90%Class B Notes 15.55% 15.55% 15.55% 15.55%Class C Notes 11.50% 11.50% 11.50% 11.50%Class D Notes 9.00% 9.00% 9.00% 9.00%

Overcollateralization & Reserve Account

Initial O/C % 8.50% 8.50% 8.50% 8.50%Target O/C % (non-declining) 11.00%(2) 11.00%(2) 11.00%(2) 11.00%(2)

Reserve Account % (non-declining) 0.50% 0.50% 0.50% 0.50%

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As of November 30, 2019GMALT Net Credit Loss Experience

1) Based on Securitization Value

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35

Cumulative Net Credit Loss1

GMALT 2017-1 GMALT 2017-2 GMALT 2017-3 GMALT 2018-1

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35

Cumulative Net Credit Loss1

GMALT 2018-2 GMALT 2018-3 GMALT 2019-1 GMALT 2019-2

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GMALT Residual Loss/(Gain) Results

$(80,000,000)

$(60,000,000)

$(40,000,000)

$(20,000,000)

$-

$20,000,000GMALT 2017-1

Monthly Residual Loss/(Gain) Cumulative Loss/(Gain)

$(80,000,000)

$(60,000,000)

$(40,000,000)

$(20,000,000)

$-

$20,000,000GMALT 2017-2


22


$(40,000,000)

$(30,000,000)

$(20,000,000)

$(10,000,000)

$-

$10,000,000GMALT 2017-3


$(40,000,000)

$(30,000,000)

$(20,000,000)

$(10,000,000)

$-

$10,000,000GMALT 2018-1


23


$(40,000,000)

$(30,000,000)

$(20,000,000)

$(10,000,000)

$-

$10,000,000GMALT 2018-2


$(30,000,000) $(25,000,000) $(20,000,000) $(15,000,000) $(10,000,000) $(5,000,000)

$- $5,000,000

GMALT 2018-3


24


$(20,000,000)

$(15,000,000)

$(10,000,000)

$(5,000,000)

$-

$5,000,000GMALT 2019-1


$(10,000,000)

$(8,000,000)

$(6,000,000)

$(4,000,000)

$(2,000,000)

$-

$2,000,000GMALT 2019-2


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GMCAR Platform Highlights

U.S. Prime Retail Loan

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U.S. Prime Retail LoanGMCAR Securitization Platform

TrackRecord

Consistent Platform


• ABS platform established in 2017 and SEC-registered in 2018


• Regular issuer in the market beginning in 2018

• Rotate among rating agencies



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Collateral Overview & Structure SummaryGMCAR Transaction Summary

1) Unadjusted aggregate principal balance2) Percentages may not sum to 100.00% due to rounding3) Percentage of initial adjusted pool balance

2019-4 2019-3 2019-2 2019-1 2018-4 2018-3 2018-2Pricing Date 10/8/19 7/16/19 4/9/19 1/8/19 10/2/18 7/11/18 4/11/18Offered Notes $989,180,000 $987,770,000 $1,234,550,000 $1,234,140,000 $1,234,980,000 $1,234,920,000 $1,215,550,000Pool Characteristics (1)

Pool Balance $1,039,585,663 $1,039,361,022 $1,294,890,402 $1,318,455,649 $1,347,098,324 $1,357,918,658 $1,357,996,691Average Principal Balance $28,039 $27,243 $27,583 $28,731 $30,069 $30,378 $32,169Weighted Average APR 5.28% 5.13% 5.37% 4.92% 4.01% 3.35% 2.50%Weighted Average Original Term 69 months 68 months 68 months 68 months 69 months 68 months 68 monthsWeighted Average Remaining Term 60 months 61 months 62 months 63 months 64 months 62 months 61 monthsWeighted Average Seasoning 9 months 7 months 6 months 5 months 5 months 6 months 7 monthsNew Vehicle % 90.50% 87.18% 85.91% 87.69% 87.69% 83.06% 87.45%Weighted Average FICO Score 774 775 777 778 775 770 774Weighted Average Custom Score 347 347 349 350 347 345 349Weighted Average LTV 88% 88% 87% 87% 90% 95% 94%

Dollar Percentage by Segment (1)(2)

Car 10.09% 11.98% 11.15% 9.55% 11.69% 15.27% 16.07%CUV 25.01% 26.19% 25.74% 25.57% 21.18% 20.62% 21.86%SUV 22.42% 20.16% 18.98% 18.64% 27.47% 32.82% 36.31%Truck 42.49% 41.67% 44.12% 46.24% 39.66% 31.29% 25.76%

Top 5 Vehicle Models (1) 30.28% (Silverado) 28.29% (Silverado) 29.53% (Silverado) 29.77% (Silverado) 27.00% (Silverado) 20.50% (Silverado) 15.45% (Silverado)10.31% (Sierra) 11.58% (Sierra) 12.69% (Sierra) 14.28% (Sierra) 10.23% (Tahoe) 13.23% (Yukon) 11.94% (Tahoe)

9.42% (Equinox) 10.66% (Equinox) 9.23% (Equinox) 10.15% (Equinox) 9.72% (Sierra) 9.38% (Escalade) 10.63% (Yukon)7.84% (Yukon) 6.80% (Yukon) 5.65% (Tahoe) 5.61% (Tahoe) 7.48% (Yukon) 6.39% (Sierra) 7.68% (Suburban)6.53% (Tahoe) 5.62% (Tahoe) 5.53% (Yukon) 4.92% (Yukon) 7.08% (Equinox) 5.80% (Tahoe) 5.66% (Escalade)

Original Term Distribution (1)(2)

<=60 months 19.97% 24.13% 28.08% 27.97% 22.43% 26.76% 31.32%61-72 months 63.35% 58.33% 57.25% 57.95% 65.41% 61.08% 59.21%73-75 months 16.68% 17.54% 14.68% 14.08% 12.16% 12.15% 9.47%

Initial Hard Enhancement (3)

Class A Notes 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% 6.10%Class B Notes 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%Class C Notes 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Overcollateralization & Reserve Account (3)

Initial O/C 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%Target O/C 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%Reserve Account (non-declining) 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%

28

As of November 30, 2019GMCAR Cumulative Net Loss Performance

0.00%0.20%0.40%0.60%0.80%1.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31

2017 Transactions

2017-1 2017-2 2017-3

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

2018 and 2019 Transactions

2018-1 2018-2 2018-3 2018-42019-1 2019-2 2019-3 2019-4

29

Floorplan Overview

30

Commercial Lending Platform• As GM’s captive finance company, GM Financial provides

dealers with lending services that are fully aligned with the manufacturer

- Provides full suite of commercial lending products with availability across economic cycles

- Floorplan represents more than 90% of total commercial portfolio

• U.S. platform built organically under industry veteran leadership

- On-boarded first dealer in April 2012

GM95%

Non-GM5%

New Outstanding Balances by Manufactureras of 9/30/19

19%

44%

31%

4%2%

Outstanding Balances by Dealer Risk Ratingas of 9/30/19

A

B

C

D

Special Mention and below

$3,419$5,756

$7,796$10,421 $11,427

597731

912

1,1161,238

Dec-15 Dec-16 Dec-17 Dec-18 Sep-19

U.S. FP Dealer O/S ($M)U.S. FP Dealers

GM Dealer Penetration 12.8% 15.9% 20.2% 25.2% 28.1%

31

GFORT Platform Highlights

U.S. Floorplan

32

U.S. FloorplanGFORT Trust Composition – Dealer Base & Aging

1) Principal Balance of Receivables is gross of the Cash Management Account Balance

94% 95% 95% 96% 93% 93% 93% 94% 94% 94% 95% 95% 95%

0%

25%

50%

75%

100%

GM Franchise Dealers by Principal Balance1

GM Franchise Dealers Non-GM Franchise Dealers

91% 92% 92% 93% 93% 93% 93% 92% 93% 93% 93% 93% 93%

0%

25%

50%

75%

100%

GM Franchise Dealers by # of Dealers

GM Franchise Dealers Non-GM Franchise Dealers

80% 80% 72% 73% 68% 76% 75% 78% 80% 80% 74% 75% 77%

9% 11% 16% 10% 14% 11% 13% 9% 9% 11% 14% 10% 10%

0%

25%

50%

75%

100%

Age Distribution by Principal Balance1

1-120 Days 121-180 Days 181-270 Days 271+ Days

33

GFORT Dealer Credit Utilization

1) Principal Balance of Receivables is gross of the Cash Management Account Balance

0%

20%

40%

60%

80%

100%

Credit Line Utilization Percentage1

4.5% 4.9%5.6%

6.6% 6.7%8.0% 8.7% 9.3%

8.5%

10.2%

9.7%

10.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

CMA as % of Gross Pool Balance

02,0004,0006,0008,000

10,00012,00014,000

Ending Principal Balance and Credit Line1 ($M)

Ending Credit Line Ending Principal Balance

34

Target OC Target Reserve

18.50% 3.15%

21.68% 5.50%

25.14% 8.05%

GFORT Monthly Payment Rate History

44.70%

36.36%

44.31%43.74%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

3 M

onth

Ave

rage

MPR

GFORT Monthly Payment Rate Experience (3 Month Average) and Trigger Levels

GFORT

1st Step-Up

2nd Step-Up

3rd Step-Up

Early Amortization Trigger

Credit Enhancement Step-up1 (% of Series Amount)

25.0%

22.5%

20.0%

17.5%

35

Series StructureGFORT Transaction Summary

Note: The Nominal Liquidation Amount (“NLA”) equals the Series Invested Amount plus the required Series Overcollateralization Amount

2019-2 2019-1 2018-4 2018-3 2018-2 2018-1 2017-3 2017-2 2017-1Series Initial Invested Amount $650,000,000 $350,000,000 $700,000,000 $250,000,000 $600,000,000 $200,000,000 $414,727,000 $1,451,600,000 $900,000,000 Offered Notes AAA-A AAA-A AAA-A AAA-A AAA-A AAA-BBB AAA-A AAA-A AAA-A

AAA Fixed / Float Split (% of AAA Notes) 100% / 0% 100% / 0% 69% / 31% 0% / 100% 86% / 14% 0% / 100% 0% / 100% 43% / 57% 50% / 50%

Average Life (years) 4.90 2.90 2.89 1.89 2.96 1.97 1.96 2.89 2.96Expected Final Distribution Apr 2024 Apr 2022 Sep 2021 Sep 2020 Mar 2021 Mar 2020 Aug 2019 Jul 2020 Jan 2020Offering Type 144A 144A 144A 144A 144A 144A 144A 144A 144A

Total Hard Credit Enhancement

% of Nominal Liquidation Amount

Class A Notes 27.87% 27.87% 27.86% 27.86% 27.86% 27.86% 27.86% 27.86% 27.86%Class B Notes 22.87% 22.87% 22.86% 22.86% 22.86% 22.86% 22.86% 22.86% 22.86%Class C Notes 18.37% 18.37% 18.36% 18.36% 18.36% 18.36% 18.36% 18.36% 18.36%Class D Notes 14.37% 14.37% 14.36% 14.36% 14.36% 14.36% 14.36% 14.36% 14.36%

Overcollateralization 13.50% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50%Reserve Account 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86%

% of Series Invested Amount

Class A Notes 32.22% 32.22% 32.21% 32.21% 32.21% 32.21% 32.21% 32.21% 32.21%Class B Notes 26.44% 26.44% 26.43% 26.43% 26.43% 26.43% 26.43% 26.43% 26.43%Class C Notes 21.23% 21.23% 21.23% 21.23% 21.23% 21.23% 21.23% 21.23% 21.23%Class D Notes 16.61% 16.61% 16.61% 16.61% 16.61% 16.61% 16.61% 16.61% 16.61%

Overcollateralization 15.61% 15.61% 15.61% 15.61% 15.61% 15.61% 15.61% 15.61% 15.61%Reserve Account 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Capital Structure (% of NLA)AAA 73.00% 73.00% 73.00% 73.00% 73.00% 73.00% 73.00% 73.00% 73.00%AA 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%A 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%BBB 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

36

GFORT Series Structure• Credit enhancement will step up (either OC or reserve account) if the 3-month average monthly

payment rate (“MPR”) drops below the trigger levels (can be cured subject to future MPR performance)

• Structure also provides incremental overcollateralization to cover any ineligible receivables in excess of the specified concentration limits

1) As a percentage of Initial Nominal Liquidation Amount2) As a percentage of the Series Invested Amount

Credit Enhancement Step-up

3-month Average

Payment Rate

Incremental OC1

Incremental Reserve Account2

Target OC2 Target Reserve2

22.50 – 25.00% 2.50% 2.15% 19.19% 3.15%

20.00 – 22.50% 2.75% 2.35% 22.38% 5.50%

17.50 – 20.00% 3.00% 2.55% 25.87% 8.05%

Concentration Limits

Top Dealers Vehicle / Other

First 4.00% Medium Duty / Trucks 2.00%

Second 3.50% Used 20.00%

Third 3.00% Service / Demo Vehicles 7.50%

Fourth 3.00% Fleet 2.00%

All Others 2.50% Motor Holdings Dealers 5.00%

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